Elon Musk dances to celebrate first deliveries of made-in-China Tesla vehicles
Elon Musk was in China Tuesday for a ceremony that marks Tesla's first delivery of made-in-China vehicles to the general public.
The Tesla founder turned it into a party, busting out some dance moves on stage in Shanghai, according to Bloomberg.
The company is manufacturing its Model 3 sedans in a plant on the outskirts of that city.
China's economy has been slowing and taking auto sales down with it. General Motors just announced that sales fell there for a second consecutive year.
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China's auto market is expected to decline for a third straight year.
In this photo released by China's Xinhua News Agency, Tesla CEO Elon Musk reacts at a delivery ceremony for the first Tesla Model 3 cars made at Tesla's Shanghai factory in Shanghai, Tuesday, Jan. 7, 2020. (Ding Ting/Xinhua via AP)
In November, electric vehicle sales plunged 42 percent in November from a year earlier.
A Tesla Model 3 sedan, its first car aimed at the mass market, is displayed during its launch in Hawthorne, Calif, March 31, 2016. (Reuters/File/Joe White)
Tesla cut the starting price of its Model 3 sedans built in China by 9 percent in order to match competitors.
Tesla shares climbed to a record $443.01 on Friday after rising 26 percent last year.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TSLA | TESLA INC. | 242.84 | -6.14 | -2.47% |
The Shanghai plant manufactures 1,000 cars a week.
The price of the Model 3 starts above $50,000.
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Last month, Tesla secured a $1.29 billion loan from Chinese banks that can be used for construction and production at the Shanghai plant, as well as for repaying a loan due on March 4, Reuters said.